Are you in the process of starting your business? Do you find yourself getting lost behind all of the different details of the business (taxes, real estate, legal docs, etc.)? If so, then you will want to hire a small business attorney.
There are many benefits of hiring small business attorneys for your startup. They can help you with your business structure, help you understand your taxes, and so on. By hiring one, you’ll help avoid a lot of growing pains.
See below for several in-depth benefits of hiring small business attorneys for your company, and the many different areas they can help you with.
1. Real Estate Leases
If your company needs office space, then you’ll have to enter the wide world of real estate to find a comparable space to conduct business.
Maybe you’re a retail store that needs square footage to maximize your floor plan. Perhaps you’re a law firm that needs a few offices for your staff to meet with clientele, but not much else.
Whatever your need is, you will have to draw up a lease agreement to rent out space for an extended period of time. However, before you sign the lease, you’ll want to take a hard look at the fine print.
To be more specific, you will want a trained set of eyes to take a hard look at the fine print. If you hire a small business attorney, you’ll have someone to read through the lease and point out anything that needs to be addressed.
This could include the agreements, terms, or the details of the contract itself. It helps you have more confidence that you’ve found a good space to conduct your business with a landlord that you can build a business relationship for the foreseeable future. Don’t sign a lease without one!
2. Buying or Selling of a Business
Perhaps rather than starting up a company, you’re interested in buying one that’s already established. Maybe you have built up a company and are now looking to sell it off.
Either way, small business attorneys can help with that as well. They’re an incredible asset for each stage of the transaction, such as:
- Assisting with negotiations of terms and drawing up the deal.
- Giving feedback to sellers on the issues that they need to address before the deal is finalized, as well as how to address them.
- Helping the buyers perform their due diligence on every aspect of the business before negotiating the price.
- Drafting and advising on how the transaction should be constructed.
Also, much like a lease, the small business attorney can help either side review the documentation for the transaction. That includes going over the details, explaining them, and offering solutions for undesirable terms.
Even if you’ve been through the process before, you know that the purchase or sale of a business can be stressful. Having a small business attorney by your side will give you more confidence and comfort throughout the process. They will help reach a favorable solution for both sides.
3. Recommendation on Business Structures
Did you know that your small business is legally required to select a business structure? The Internal Revenue Service (IRS) requires your company to be held for legal and tax considerations. This includes common forms of business such as:
- Limited Liability Company (LLC)
- Sole Proprietorship
- S Corporation
- C Corporation
Simply reading that list might’ve made your head spin. Fortunately, you can gain more direction by hiring a small business attorney. They’ll advise you on which business type is the right fit for your situation, as well as the strengths and weaknesses of your choice.
They also help business owners (such as yourself) draft shareholder agreements and offer advice on transactions such as joint ventures, stock purchases, and asset purchases.
You shouldn’t have to be a licensed and trained legal professional to make appropriate business decisions. That’s why small business attorneys are here. Whatever you need, we’ve got you covered!
4. Assist With Online Business Ventures
If you’re starting a fully-online business, you might think that it doesn’t require any legal attention. That couldn’t be further from the truth.
In fact, there are several regulations, formed by the FTC (Federal Trade Commission) that your eCommerce business must follow.
5. Helps You Handle Employee Confrontations
Attempting to achieve a workplace where all your employees get along 100-percent of the time would be an impossible feat. Sooner or later, there will be conflict.
In those moments, it can be hard to know who to turn to. With a small business attorney by your side, you’ll have a third party who has your best interests in mind.
They’ll help you understand things like employee rights, regulations, and what you as an employer owe your workers. For example, any company with more than one employee is legally required to have workers’ comp insurance. If you get caught without it, you could get sued and fined.
Find the Right Small Business Attorneys for Your Company
Now that you have seen all of the different ways that small business attorneys can help you with your business endeavors, be sure to find the right one(s) for the job.
Be sure to read this article for more information on the 7 questions you should ask a small business lawyer before you hire them.
For more inquiries, please be sure to reach out via our contact us page and we will be delighted to assist you further.